Articles by Jason Spits

FASEA

Advisers should boycott exam

Advisers boycott FASEA exam

The FASEA exam does little to prove the competency of advisers and they should boycott it, according to an adviser representative group.

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Regulation, Superannuation

Work test changes to start on 1 July

work test changes

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.

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Financial Planning, Superannuation

COVID-19 changes challenge trustees, advisers

COVID-19 changes trustees

COVID-19-related legislative change has become an area of added concern for SMSF trustees and advisers, who have increased their requests for expert assistance.

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LRBA

LRBA safe harbour relief worry

LRBA safe harbour relief

Trustees are still unsure how long they will be given to repay loan relief for any limited recourse borrowing arrangements (LRBA) that have been aligned to safe harbour provisions.

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Pensions

Segregated method changes baffling trustees

Segregated method trustees

SMSF trustees are still unsure how to respond to whether their fund can use the segregated method when calculating the tax status of pension income.

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ASIC

Adviser banned for blanket LRBA advice

adviser banned LRBA

ASIC has banned a former representative of Spectrum Wealth Advisers after he gave LRBA and SMSF advice that was inappropriate to client needs.

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FASEA

COVID-19 hits exam numbers

FASEA adviser exam

Financial advisers shied away from the first online sitting of the FASEA exam, but registrations for the second iteration are building strongly.

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Pensions

Market downturn may suit new pension starts

SMSF pension

The current market downturn may benefit SMSF members looking at starting a pension as fund balances come under restrictive limits.

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ATO, Documentation

ATO offers new commutation assistance service

commutation authority assistance

A new ATO service will allow trustees issued with a commutation authority to make direct contact with the regulator to resolve any problems.

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Auditing, Financial Planning, Superannuation

Auditors on early access notice

auditors early access

Auditors have been called upon to report attempts to rort the early access scheme, while advisers have been warned not to promote services that provide access.

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